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Business Briefs

For Tuesday, September 30, 2008

POSTED: 01:30 a.m. HST, Sep 30, 2008

HAWAII

Aloha Petroleum eyes new image

Aloha Petroleum Ltd., a privately held oil marketer, has selected CBX, a consultancy agency based in New York, to design a prototypical convenience store, beginning with a new, ground-up unit to open on Oahu in 2009.

Aloha Petroleum serves Hawaii with more than 30 company-operated Island Mini-Mart convenience stores and nearly 80 retail fuel locations on the islands of Oahu and the Big Island.

For the new 3,400-square-foot prototype, CBX will be developing a new logo and brand identity, exterior and interior design, site plan and store layout, as well as all graphic applications.

Aloha expects to phase in the new look to existing locations during the next few years as planning and permitting processes allow.

Hawaii will get part of settlement

The state Medicaid program of Hawaii will share in $116 million of a larger civil settlement against Cephalon Inc. along with 12 other states and the District of Columbia.

Cephalon will enter a criminal plea and pay $425 million to resolve claims that it marketed three drugs for uses not approved by the U.S. Food and Drug Administration, the Justice Department said yesterday.

The suits against the company alleged that, as a result of Cephalon's off-label marketing campaign, false claims for payment were submitted to federal insurance programs such as Medicaid and the Federal Employee Health Benefits Program that did not provide coverage for such off-label uses.

NATION

Walgreen sales miss forecasts

DEERFIELD, Ill. » Shares of Walgreen Co. fell to their lowest price in almost five years yesterday after the drugstore operator reported disappointing revenue in its fiscal fourth quarter, pointing to promotions that failed to pay off.

Walgreen said cost cuts and greater sales lifted its profit 12 percent for the quarter. But its revenue fell short of expectations, and the company said it engaged in too many discounts and promotions as it tried to ramp up sales in the face of difficult economic conditions. Customers did not pick up as many impulse items as Walgreens expected.

The stock fell $1.73, or 5.3 percent, to $31.

Profit for the quarter ended Aug. 31 increased to $443 million, or 45 cents a share, from $396.5 million, or 40 cents a share a year earlier. Results include a $79 million vacation accrual adjustment. Revenue rose 9 percent to $14.6 billion from $13.42 billion last year.

Triarc buyout of Wendy's closes

NEW YORK » Triarc Cos. Inc. completed its $2.34 billion takeover yesterday of Wendy's International Inc., making way for new sandwiches and drinks at the No. 3 hamburger chain.

The deal combines Wendy's with Arby's, which is owned by Atlanta-based Triarc and is known for its shaved roast beef sandwiches. Billionaire Nelson Peltz, an activist investor known for acquiring or buying into troubled food companies, owns Triarc.

Triarc will change its name to Wendy's/Arby's Group Inc. and will trade under the "WEN" symbol on the New York Stock Exchange beginning today.

HAWAII

Aloha Petroleum eyes new image

Aloha Petroleum Ltd., a privately held oil marketer, has selected CBX, a consultancy agency based in New York, to design a prototypical convenience store, beginning with a new, ground-up unit to open on Oahu in 2009.

Aloha Petroleum serves Hawaii with more than 30 company-operated Island Mini-Mart convenience stores and nearly 80 retail fuel locations on the islands of Oahu and the Big Island.

For the new 3,400-square-foot prototype, CBX will be developing a new logo and brand identity, exterior and interior design, site plan and store layout, as well as all graphic applications.

Aloha expects to phase in the new look to existing locations during the next few years as planning and permitting processes allow.

Hawaii will get part of settlement

The state Medicaid program of Hawaii will share in $116 million of a larger civil settlement against Cephalon Inc. along with 12 other states and the District of Columbia.

Cephalon will enter a criminal plea and pay $425 million to resolve claims that it marketed three drugs for uses not approved by the U.S. Food and Drug Administration, the Justice Department said yesterday.

The suits against the company alleged that, as a result of Cephalon's off-label marketing campaign, false claims for payment were submitted to federal insurance programs such as Medicaid and the Federal Employee Health Benefits Program that did not provide coverage for such off-label uses.

NATION

Walgreen sales miss forecasts

DEERFIELD, Ill. » Shares of Walgreen Co. fell to their lowest price in almost five years yesterday after the drugstore operator reported disappointing revenue in its fiscal fourth quarter, pointing to promotions that failed to pay off.

Walgreen said cost cuts and greater sales lifted its profit 12 percent for the quarter. But its revenue fell short of expectations, and the company said it engaged in too many discounts and promotions as it tried to ramp up sales in the face of difficult economic conditions. Customers did not pick up as many impulse items as Walgreens expected.

The stock fell $1.73, or 5.3 percent, to $31.

Profit for the quarter ended Aug. 31 increased to $443 million, or 45 cents a share, from $396.5 million, or 40 cents a share a year earlier. Results include a $79 million vacation accrual adjustment. Revenue rose 9 percent to $14.6 billion from $13.42 billion last year.

Triarc buyout of Wendy's closes

NEW YORK » Triarc Cos. Inc. completed its $2.34 billion takeover yesterday of Wendy's International Inc., making way for new sandwiches and drinks at the No. 3 hamburger chain.

The deal combines Wendy's with Arby's, which is owned by Atlanta-based Triarc and is known for its shaved roast beef sandwiches. Billionaire Nelson Peltz, an activist investor known for acquiring or buying into troubled food companies, owns Triarc.

Triarc will change its name to Wendy's/Arby's Group Inc. and will trade under the "WEN" symbol on the New York Stock Exchange beginning today.


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